system hasn’t turned around yet. This is why private enterprises are facing difficulty in financing recently.
Small- and medium-sized enterprises have been squeezed out of the formal financing market, pushing up interest rates on informal financing.
Interest rate liberalization is crucial for the financial system to support the private eco
nomy, which will increase interest rates on formal financing and lower rates on informal financing.
It is necessary to regulate the informal financial sector, but not eliminate it. Shadow b
anking and fintech sectors do pose certain risks, but they are the meaningful products of financial liberalization.
Wang Yiming, deputy director of the Development Research Center of the State Council
We are still a developing country, with capital stock and per capita stock much lower than
in developed countries. So there is nothing wrong with stabilizing investment, which should be not seen as a sin.
of the polls postponement is that it would cause many voters to be depressed and the country might record a low turnout of electorates when the election eventually holds.
“The momentum is dying. I hope it’s not dead in one week,” he said.
According to the electoral chief, shifting the polls was “a difficult decision for the Commission to take.”
For more than seven hours, the electoral chief and the 12 nation
al commissioners of the INEC were in a closed-door meeting on Friday night.
The elections were supposed to hold at 119,973 polling units across the country while collation of res
ults was to take place in 8,809 registration areas or wards, 774 local government areas in 36 states and the capital Abuja.
Sources had hinted a possible postponement of the election due to logistic challenges in some parts of the country.
The official News Agency of Nigeria, citing official sources in the north-central state of Niger
had reported that ballot papers for two of the state’s three senatorial districts were missing as of Friday evening.
residents’ disposable income levels and income growth. Data from the National Bureau of Statistics (NBS) showed that in 2017, the per ca
pita disposable income of the high-income group reached 64,934 yuan ($9,604.71). For most of the residents in the high-inco
me group, overseas tours remain as a kind of luxury spending, thus the per capita disposable income for residents that traveled abroad
should be raised to at least 120,000 yuan a year. Yet this group probably numbers less than 100 mil
lion residents. In other words, the number of people who can afford the average cost of going abroad is theoretically less than 100 million.
Although many research institutions are optimistic about the development pr
ospects for Chinese people’s overseas tourism, the growth rate of private outbound trip
s was only 5.7 percent in 2017, compared to 22 percent in 2010 and 10.6 percent in 2015, showing a do
wnward trend. This may actually reflect the decline in the growth rate of disposable income.
I don’t agree with the so-called “consumption downgrade,” as the Engel coefficient – the propor
tion of money spent on food in household expenses – fell to 28.4 in 2018. Yet, the slowdown in consumption growth, increased leverage r
atio in home purchases and other factors have all impeded the pace of the consumption upgrade.